Damien Moore has voted in favour of a temporary scrap to the pension triple lock.
The triple lock guarantees that the state pension will grown annually in line with whatever is largest out of the average wage increase, inflation or 2.5%, but an unexpected growth in wages risked adding £3bn to the government’s annual pension spending.
All but two Conservative MPs voted in favour of the motion which scrapped the triple lock for twelve months, instead linking pension rises next year to whichever is higher from inflation or 2.5%, essentially a “double lock”.
Under the new double lock, pensions are expected to rise by the rate of inflation at 3.1%.
The Government had initially confirmed the plans in September, despite the measure breaking a Conservative manifesto pledge.
Amendments tabled in the House of Lords proposed keeping the triple lock in place Social Security (Uprating of Benefits Bill) but it is these amendments that have been voted down by MPs.
Labour’s John McDonnell said: “I would have given the 8% because I don’t believe you break a principle of a manifesto commitment. I believe the additional top-up would have worked.
“But if we are talking about the (Baroness) Altmann amendment, which is moving towards a 5% increase, the [UK] Government will award 3%, so the difference we are talking about, the argument is about £2.75 a week.
“Or even if we went to the full amount of the 8%, it would be an additional £7 a week between the 3% and the 8%.
“Are we really having a row in this House about robbing pensioners of £2.75 a week? I just find it unbelievable that we can even contemplate that.”
Work and Pensions minister Guy Opperman said: “I remind the House that over the two years of the pandemic the Government will have ensured that the pensions covered by this Bill will have increased by much more than the increase in prices.”